Young Britons are losing faith in the future, with more than one million not in employment, education or training, according to new research that presents a fresh challenge for Prime Minister Keir Starmer.
Record Numbers Fear Long-Term Joblessness
Record numbers of young people now fear they will suffer long-term joblessness. In 2015, just one in 50 people aged 16 to 21 thought they were likely to become long-term unemployed. Today, the figure stands at around one in 14. Only one in four now believes everyone has a fair chance to go as far as their talent and hard work will take them.
IPPR Warns of 'Financial Nihilism'
The Institute of Public Policy Research (IPPR) warns of 'financial nihilism', with young people responding to insecurity by 'working less, taking greater financial risks like investing in cryptocurrency, and abandoning long-term economic planning'. It warns that four in 10 women and three in 10 men aged 16 to 24 have poor mental health.
Ellie Harris of the IPPR said: 'When young people lose faith in their futures, that doesn't just affect their wellbeing, it risks weakening economic growth, productivity and social cohesion too. This is not simply a crisis affecting a small minority. Confidence is falling across England, across social groups, and across genders. The challenge for policymakers is not only to improve outcomes for young people, but to rebuild belief that those outcomes are still attainable.'
Political Reactions
Shadow Education Secretary Laura Trott said: 'It's little wonder young people are feeling more and more hopeless about their futures. They are grappling with huge student debt at the same time as competing in a grim job market. Labour's tax rises and red tape are destroying jobs, driving youth unemployment to the highest level in more than a decade. We will give businesses the support to grow and create good jobs. Our New Deal for Young People will cut dead end degrees and create apprenticeships giving young people real choice.'
A Government spokesperson responded: 'We recognise too many young people have been locked out of opportunity with the number of those not in employment, education or training rising by 250,000 in the three years to Summer 2024. That's why we are bringing forward a £2.5 billion youth employment support package to help almost one million young people either earn or learn. We are also expanding youth hubs to every corner of Great Britain to provide crucial skills, job and housing support for the future generation.'
